What do in-house loan screeners look at? For those refused elsewhere
With an in-house loan, CarMax screens by its own standards without a credit company. Not judging only by past financial trouble or a short time with an employer is the biggest difference from an ordinary auto loan.
"My loan was refused elsewhere" is the enquiry we receive most often. Auto-loan screening is done by a credit company and is judged on figures on paper such as payment history and years of employment. As a result, many people are refused without any chance to explain their situation.
An in-house loan differs in who does the screening
CarMax's in-house loan is screened entirely in-house, with no credit company. We do the screening, and we judge not only by the figures on paper but after asking directly about your current work and the monthly amount you can pay comfortably.
Situations we are often asked about
- A history of personal bankruptcy or debt restructuring
- You have been late on payments in the past
- You are self-employed and your income is not stable
- You changed jobs recently and have been there a short time
- You are young, or older
- You have no borrowing room left because of the total-amount cap
We take enquiries on all of these. Before you decide "it won't work for me", please talk to us once.
From consultation to delivery
If you contact us by telephone or LINE, we can give you a rough idea on the spot. We also have a quick check you can answer in one minute, so starting there is fine too.